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OFFON

Romain
Fournier

Journalist
By the same author
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THE DAILY MACRO BRIEF: Hong Kong leader withdraws controversial bill, Brexit chaos, Lagarde details future policy…

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09/04/2019 | 09:29am EDT

Carrie Lam, the Hong Kong leader, announced the withdrawal of the draft law related to the extradition of suspects to Mainland China. Boris Johnson is now proposing to hold early elections on October 15, as the country falls deeper in a political crisis. Meanwhile, future ECB head Christine Lagarde said the eurozone will require a very accommodative monetary policy for an extended period.

Hong Kong’s chief executive withdraws extradition bill to China. Carrie Lam announced the withdrawal of the draft law related to the extradition of suspects to Mainland China, which originally sparked the protest that have crippled the territory for the past months. "The government will formally withdraw the bill to completely allay public concerns," Carrie Lam said Wednesday in a video broadcast. She said the bill will be formally dropped in October, when the Hong Kong Parliament, meets again. She urged demonstrators to renounce violence and engage in a "dialogue" with the government.

A political crisis in the UK. After losing his majority in Parliament, Boris Johnson is now proposing to hold early elections on October 15, two weeks before the country is due to leave the European Union. A new showdown is expected today in Parliament between Boris Johnson and members who want to prevent a no-deal Brexit, that will see if early parliamentary elections are going to go through. The motion to call for early parliamentary elections will require two thirds of the votes to be adopted. Meanwhile, Boris Johnson's opponents will introduce today a law requiring the Prime Minister to ask the European Union to postpone Brexit further until January 31, 2020 if no agreement is reached with the European Union in the coming weeks.

A glimpse into Lagarde’s future ECB policy. The future head of the European Central Bank (ECB), Christine Lagarde, said the eurozone economy faces short-term challenges that will require a very accommodative monetary policy for an extended period. She pledged to act with agility against inflation that is persistently too low. Lagarde will succeed Mario Draghi as head of the institution in November.

Trump warns China. The US president believes China should sign a trade deal before the presidential election in November 2020, or face even more difficult negotiations if he is reelected. He tweeted that the deal would get “much tougher”.


 

Romain Fournier
© MarketScreener.com 2019
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